Australian cross-border payments FinTech startup Airwallex has closed a A$17 million (approx. US$13 million) Series A to fuel its international expansion.
In one of the biggest Series A rounds in Aussie history, Melbourne-based FinTech startup Airwallex has raised USD $13 million in a funding round that saw participation from payments giant Mastercard, Chinese internet giant Tencent and Beijing-based venture capital firm Sequoia Capital China.
Airwallex enables small- and medium-sized enterprises (SMEs) to make cross-border transactions at mid-market interbank exchange rates that are effectively cheaper than traditional wire transfers. The platform uses big data analytics, quantitative models and a ‘sophisticated foreign exchange and payment engine’ to avoid volatility and inflated margins in foreign exchange markets. Similar to UK-based international payments startup TransferWise, with one notable difference – Airwallex targets businesses while TransferWise caters to everyday consumers.
Airwallex claims to support thousands of transactions per second to deliver payments to more than 100 countries at cost-effective prices.
“Our mission is to eradicate the burden of international payments so that businesses can transact across borders with ease,”
Read more ... source: CryptoCoinsNews
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